The Ministry of Corporate Affairs vide its notification dated 24th September 2020 has published the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020 to further amend the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016.
The Amendment is brought under rule 4 which deals with the application by financial creditor in which financial creditor, either by itself or jointly, shall make an application for initiating the corporate insolvency resolution process against a corporate debtor under section 7 of the Code in Form 1, accompanied with documents and records required therein and the applicant shall serve a copy of the application to the registered office of the corporate debtor and to the Board, by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority.
Further under rule 6 in which an operational creditor shall make an application for initiating the corporate insolvency resolution process against a corporate debtor and shall serve a copy of the application to the registered office of the corporate debtor and to the Board, by registered post or speed post or by hand or by electronic means, before filing with the Adjudicating Authority.
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